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The authors analyze the tectonic changes in society that preceded the financial crisis through the realms of political and economic theory. At the root of the financial crisis was the unprecedented rise of the financial services industry. Despite comprising over 20 percent of GDP, the financial industry contribution to social value is small. The authors trace the emergence of this industry and its parallel in American consumerism. This chapter echoes Arendt's conclusion that with consumerist society comes the loss of political freedom and the idea of a public good.

The authors analyze the tectonic changes in society that preceded the financial crisis through the realms of political and economic theory. At the root of the financial crisis was the unprecedented rise of the financial services industry. Despite comprising over 20 percent of GDP, the financial industry contribution to social value is small. The authors trace the emergence of this industry and its parallel in American consumerism. This chapter echoes Arendt's conclusion that with consumerist society comes the loss of political freedom and the idea of a public good.